Health care costs are projected to increase by 6.5 percent in 2017, which means they will continue to expand more rapidly than inflation. As a rising number of businesses feel the pinch, many are abandoning traditional group health insurance in favor of alternatives like the Small Business Health Reimbursement Arrangement (HRA) to help manage their health insurance costs.
In today’s marketplace, many people get their health insurance coverage from a spouse’s benefits plan; however, a growing number of married couples maintain separate individual health insurance coverage.
Many people assume that individual health insurance, which is insurance you purchase on your own, is more expensive than group health insurance, which is a policy an employee gets through their company. So how much does individual health insurance cost? How does it stack up against company-based group health insurance? Data shows that individual health insurance is, on average, more affordable than group coverage. Furthermore, the passage of a new federal law in 2016 created a third health insurance option for small businesses to offer their employees that can help businesses fix their health benefit costs.
Health savings accounts (HSAs) have become a popular option for people who wish to have comprehensive individual health insurance while building up tax-free savings they can roll over from year to year. According to research firm Devenir, more than 16 million people had an HSA in 2015.
It seems that not a day goes by without Obamacare making headlines. As the new Republican administration gets settled, it’s an understatement to say that the future of the Affordable Care Act (ACA) is uncertain. But just how many people take advantage of Obamacare? How many Americans will be affected by an ACA repeal or overhaul?
Many people have questions about health savings accounts (HSAs) when they’re offered alongside their individual health insurance. The Internal Revenue Service (IRS) has strict regulations in place regarding who is eligible to use the funds, in addition to what products and services can be claimed. If you still have some questions (like many people with HSAs), this information should help clear some things up for you.
With the increase in individual health insurance premiums and out-of-pocket costs, many are experiencing confusion regarding their policies. You might hear (and read) the same terms over and over again, but do you really know what they mean? In order to properly choose health coverage, employees must understand the terminology.
Millions of Americans have already made their individual health insurance selections for 2017 through the Affordable Care Act (ACA). But some are still wavering between plans or are suddenly realizing their plan doesn’t include their preferred doctors and prescriptions. If you haven’t made your final decisions for the year, don’t worry, there is still time—but the deadline is fast approaching.
Massive tax credits are available to help you buy individual health insurance coverage through the federal and state-based health insurance marketplaces. The tax credits are only available to you if you enroll in health insurance through your state's health insurance marketplace. If you are eligible for these health insurance tax credits, they will cap your cost of health insurance at 2% - 9.5% of your household income.
No one wants to see a health insurance rate increase, but this year, almost everyone did. Regardless of whether you are enrolled in your company’s group plan or have an individual health insurance policy, you have the ability to shop around for new coverage. If your rate increase is enough to make you cringe, taking the time to compare plans may be well worth the savings.
Disclaimer: The information provided on this website is general in nature and does not apply to any specific U.S. state except where noted. Health insurance regulations differ in each state. See a licensed agent for detailed information on your state. Zane Benefits, Inc. does not sell health insurance.